Tether Gold (XAUT) is 17372.0× the size of Gondola (GONDOLA) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 33 shared trading days). GONDOLA has been the more volatile of the two, at 114% annualised against XAUT's 24%.
GONDOLAXAUT
0.22over 33 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | GONDOLA | XAUT |
|---|---|---|
| Max drawdown (400d) | -10.4% | -19.4% |
| Risk-adjusted return (90d) | 0.99 | -0.20 |
Relative strength over 90 days: GONDOLA outperformed XAUT by 119.8% — measured on the GONDOLA/XAUT ratio, so it holds regardless of market direction.